summary
Introduced
11/07/2017
11/07/2017
In Committee
11/14/2017
11/14/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Monetary Policy Transparency and Accountability Act of 2017 This bill amends the Federal Reserve Act to require the Federal Open Market Committee to annually publish its monetary policy strategy. The strategy must include short-term interest-rate targets, open-market operations, and earnings on Federal Reserve bank balances. The Chairman of the Federal Open Market Committee is required to report on such strategy semiannually.
AI Summary
This bill amends the Federal Reserve Act to require the Federal Open Market Committee (FOMC) to annually publish its monetary policy strategy, which must include short-term interest-rate targets, open-market operations, and earnings on Federal Reserve bank balances. The Chairman of the FOMC is also required to report on this strategy semiannually. The bill also requires the FOMC to adopt at least one and up to three reference monetary policy rules that mathematically express how the primary monetary policy instrument reacts to changes in economic indicators. The Chairman must report to Congress on whether the FOMC's actual conduct of monetary policy differs from the strategy or reference rules, and explain any differences.
Committee Categories
Business and Industry
Sponsors (6)
Andy Barr (R)*,
Ted Budd (R),
Bill Huizenga (R),
Robert Pittenger (R),
Todd Rokita (R),
Ann Wagner (R),
Last Action
Placed on the Union Calendar, Calendar No. 500. (on 04/25/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
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